Week 6 Assignment – Case on Budgeting
Overview
You are hired as a new cost accountant to Ciccetti Corporation. The company manager, David, is having a meeting with you in his office. He brought you this budgeted income statement that was completed by the previous cost accountant. David asks you to provide him with a report explaining the statement in clear, straightforward language, and how you plan to handle the annual budget.
Flexible Budget Performance Part 2
Flexible Budget Activity Variances Planning Budget
Customers served (q) 36,000 33,000
Revenue ($4.80q) $172,800 $14,400 F $158,400
Expenses:
Wages and salaries ($36,900 + 1.60q) 94,500 4,800 U 89,700
Supplies ($0.90q) 32,400 2,700 U 29,700
Insurance ($13,300) 13,300 0 13,300
Miscellaneous Expense ($6,300 + $0.40q) 20,700 1,200 U 19,500
Total expense 160,900 8,700 U 152,200
Net operating income $11,900 $5,700 F $6,200
Instructions
Write a 3 page report in which you:
1. Explain the budgeted income statement.
2. Outline how you would create annual budgeted financial statements.
3. Analyze the difference between a static budget and a flexible budget, including the importance of each.
4. Evaluate the importance of reading and correctly interpreting budgeted financial statements.
5. Use three sources to support your writing.
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